NEW DELHI: In the Lok Sabha, Union Finance Minister Nirmala Sitharaman addressed concerns regarding the harsh loan collections practices of certain banks. She acknowledged receiving complaints about the merciless manner in which some banks, whether public or private, were demanding repayments. Sitharaman stated that the government, in conjunction with the RBI, had directed these banks not to resort to such harsh measures. Instead, they were urged to approach loan collections with sensitivity and humanity.

The question on exorbitant interest rates on loans by certain banks was raised by Dhairyasheel Mane, the Shiv Sena MP from Hatkanangle in Maharashtra, led by Eknath Shinde. Mane inquired about the steps taken by the government to address this issue and whether these banks would be directed not to charge interest rates arbitrarily.

Responding to the question on interest rates, MoS Finance Bhagwat Kishanrao Karad, who also hails from Maharashtra, participated in the discussion. Karad clarified that the government does not interfere in the interest rates set by banks for providing loans. He emphasized that decisions regarding interest rates are made by the banks' boards or officials. However, he also highlighted that the PM Modi-led government has introduced various schemes that allow common people to access loans at relatively cheaper rates, helping them avoid the clutches of moneylenders (Sahukars).
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